This year marked the official closure of the Special Account (SA), as announced by the Central Provident Fund (CPF).
I recently received an official notice informing me about the closure of the SA associated with my mother’s CPF account. Interestingly, this change doesn’t impact her much, mainly because she hasn’t reached the Full Retirement Sum in her SA.
Moreover, since she’s not employed, no contributions were being made to her SA. Essentially, there’s nothing in her account that needs to be transferred elsewhere.
The situation is quite different for me. When I turn 55, the closure of the Special Account will have a direct impact since I’ve already achieved the Full Retirement Sum in my SA.
Curious about the extent of this impact, I used the CPF calculator to assess what my total CPF balance might look like at age 65 under four different scenarios.
